Neolite venture with Austrian company

New Delhi: The New Delhi-based automotive lighting company Neolite Industries on Monday announced a joint venture agreement with Austrian company Zizala Lichtsysteme GmbH. The Austrian company that supplies to customers such as BMW, Audi, Daimler and Porsche will be initially pick up 26 per cent stake with an option to increase it to 40 per cent in Neolite group for an undisclosed amount.

As per the agreement, the entire existing automotive lights operation business of Neolite will be integrated with the JV company that would be known as Neolite ZKW Lightings Pvt Ltd. The production of lamps for passenger car and trucks would start at a new plant that would be operational by 2009 with an annual capacity at 2.5 million units.